China Data Response Official PMIs (Mar.) The official PMIs suggest that China’s rapid reopening recovery remained robust this month. The weak global backdrop weighed on manufacturing but services continued to benefit from a resurgence in... 31st March 2023 · 3 mins read
China Data Response Activity & Spending (Jan. & Feb.) Activity data for the first two months were broadly as expected, showing a jump in consumer spending coupled with modest gains in investment and industrial output. High-frequency data suggest that... 15th March 2023 · 3 mins read
China Data Response Bank Lending & Broad Credit (Feb.) Bank loan growth jumped to a 14-month high in February. And broad credit growth accelerated for the first time since September. This rebound should continue in the near-term thanks to a reopening... 10th March 2023 · 2 mins read
China Data Response Consumer & Producer Prices (Feb.) Factory gate prices stopped falling last month, as China’s reopening helped to put a floor under global commodity prices. Meanwhile, consumer price inflation dropped back sharply due to a fall in food... 9th March 2023 · 3 mins read
China Data Response China Trade (Jan. & Feb.) China’s import volumes were little changed at the beginning of the year, disappointing hopes for a rebound. But we still think that reopening will eventually drive a pick-up in imports. And while... 7th March 2023 · 2 mins read
China Data Response PMIs (Feb.) The latest survey data are exceptionally strong across the board, consistent with our expectation for a rapid near-term rebound. We expect this recovery to lose momentum later in the year but the... 1st March 2023 · 3 mins read
China Data Response Bank Lending & Broad Credit (Jan.) After slowing last year, bank loan growth jumped to a 10-month high in January. After accounting for seasonal effects, broad credit growth looks to have ticked up too. We expect the recovery to... 10th February 2023 · 3 mins read
China Data Response Consumer & Producer Prices (Jan.) Factory-gate prices continued to decline last month thanks to falling commodity prices and waning supply chain disruption. But at the same time, a jump in demand for travel and other services... 10th February 2023 · 3 mins read
China Data Response Hong Kong GDP (Q4 Preliminary) Hong Kong’s GDP was unchanged in q/q terms last quarter. This was largely due to a further decline in exports but the worst may be over on that front given that global growth is probably close to a... 1st February 2023 · 3 mins read
China Data Response Caixin Manufacturing PMI (Jan.) The Caixin manufacturing PMI published today edged up slightly in January as disruption from the reopening wave eased but it remained at a subdued level. Taken together with the official survey... 1st February 2023 · 3 mins read
China Data Response Official PMIs (Jan.) The official PMIs add to evidence of a rapid rebound in economic activity this month as disruption from the reopening wave faded. More shoppers returned to the street boosting services activity while... 31st January 2023 · 3 mins read
China Data Response China GDP (Q4) & Activity (Dec.) China’s statistics bureau claims that GDP was unchanged q/q in Q4. That is implausible, even accounting for December data showing surprising economic resilience in the face of the reopening wave of... 17th January 2023 · 4 mins read
China Data Response China Trade (Dec.) China’s exports contracted year-on-year in December by the most since the Wuhan lockdown in early 2020. Imports held up slightly better but are still depressed. Inbound shipments should start to... 13th January 2023 · 3 mins read
China Data Response Consumer & Producer Prices (Dec.) Consumer price inflation ticked up in December, while producer price deflation eased. There are some early signs that the transition toward living with COVID is starting to put upward pressure on... 12th January 2023 · 3 mins read
China Data Response Bank Lending & Broad Credit (Dec.) The downturn in credit growth extended in December amid the economic disruption from reopening. But the worst of the disruption may have already passed. The shift toward living with COVID and policy... 10th January 2023 · 2 mins read
China Data Response China PMIs (Dec.) The latest surveys suggest that the reopening wave delivered another blow to the economy in December. Services activity looks to have slumped. Industry was not spared, although the hit appears more... 3rd January 2023 · 3 mins read
